[Calc Review] Help me analyze this deal

[Tyler Leisher]

Hey everyone,

I am looking to get in on my first deal. Cold called this property owner who wants $150K for this 2 bedroom, 1 bathroom 928 square foot home. 

He says it's in good condition, could use AC and a heater, maybe some new siding but otherwise in good condition.

He has a renter there paying $1600 month to month who wants to stay but has no long term lease. 

Rental comps in the area suggest the average rent is $1280 for a house this big. 

At $1600, it cashflows ~$200. But if it drops to market rates of $1280, it drops -$58 or so.

What are your thoughts on this?

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*This link comes directly from our calculators, based on information input by the member who posted.